Retail pharmacy chain MedPlus eyes to raise INR 700 crores next month ahead of IPO

Must Read

Sanju Samson to replace Shikhar Dhawan in T20 series against WI

Sanju Samson will replace injured Indian opener Shikhar Dhawan in the T20s series against West Indies starting from next...

Supreme Court lashes out on Centre & Delhi govts for Rising Pollution

The Apex Court of the Country, the Supreme Court on Monday lashed the Central and State Government for their...

Harbhajan Singh wishes BCCI Prez Sourav Ganguly to change Selection Panel

The Indian off-spinner Harbhajan Singh on Monday urged Sourav Ganguly, President of BCCI (The Board of Control for Cricket...

MedPlus, India’s second-largest retail pharmacy chain, is reportedly eying to raise INR 700 crore through the market ahead of going for an initial public offering (IPO), reported Inc42.

Madhukar Gangadi, the founder and CEO of MedPlus, said that the preparation of IPO draft prospectus (DRHP) will start next month.

Gangadi further said that the company could re-evaluate the idea of an IPO if it gets the right investors.

MedPlus was founded by Madhukar Gangadi in 2006. Dr. Gangadi envisioned a reliable source of medicine for the Indian consumers after reading a WHO report that claimed that 30% of the fake medicines sold all over the world came from India.

MedPlus claims to have over 1,400 pharmacies across the country, serving over 2,50,000 consumers daily, and employing more than 10,000 people.

The platform MedPlus later launched online pharmacy, medplusmart.com, in 2015, it is now the largest e-pharmacy in the country.

MedPlus operates other businesses in the healthcare industry, apart from its pharmacy store, these include MedPlusLabs, disease testing labs, MedPlusLens, an optical store and RiteCure, a hospital pharmacy management service.

The company MedPlus claims to be profitable and has a turnover of ₹2,000 crores. As per the company filings, it recorded a revenue of ₹1,726 crores for the year 2015-2016 with a profit of ₹9 crores.

Furthermore, according to the Deloitte 2016 report, the Indian healthcare market is projected to grow at a 23 per cent CAGR to reach $280 Bn by next year.

Other healthtech startups under the same roof constitute of PractoNetMeds1mgPharmEasy, among others.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Latest News

Sports discovery space Sportido bags undisclosed amount of funding from IP Ventures, others

Sportido, a sports discovery startup, has bagged an undisclosed amount in its second round of funding from IP Ventures,...

Sequoia India, Hillhouse Capital, others infuse $70 million in used car platform CarDekho through series D round

CarDekho, a platform to sell and buy used cars and an automobile subsidiary of Girnar Group, has bagged $70 million (approx INR 498 crore) in series...

Omidyar Network, Eight Roads Ventures, others invest $6 million in used bikes startup Credr

Credr, a marketplace for used bikes, has secured $6 million (approx INR 38 crore) in an investment round from Omidyar Network, Eight Roads Ventures,...

PUBG mobile to get 90FPS support soon

Qualcomm announced its next-generation processor that will support 5G, 200 MP camera, and 144Hz displays. The new processor will have a new function that...

Opera v55 for Android brings Super Dark Mode

Opera is the oldest mobile browser, we have used it on simple keypad mobile to Android smartphones. It used to be the first choice...
- Advertisement -

More Articles Like This